Egypt marked a significant stride towards sustainable energy development on Wednesday as it signed seven Memoranda of Understanding (MOUs) with global developers in green hydrogen and renewable energy. The signing ceremony, held at the cabinet headquarters in the New Administrative Capital City, saw the presence of Prime Minister Mostafa Madbouly, Minister of Electricity and Renewable Energy Mohamed Shaker, and Minister of Planning Hala El-Said.
The MOUs, Egypt’s commitment to harnessing clean energy sources and building partnerships to realize its renewable energy ambitions, carry an expected investment totaling $41 billion over the course of ten years.
Explaining the significance of the agreements, Minister of Planning, Hala El-Said emphasized that these MOUs represent an advancement in Egypt’s investment partnerships with leading global entities.
She added that the focus lies on establishing projects in the domain of green hydrogen within the Suez Canal Economic Zone,
El Said highlighted the role of the Sovereign Fund of Egypt (TSFE) in advancing Egypt’s position as a regional leader in green energy initiatives.
She recalled a previous launch of Africa’s maiden integrated plant for green ammonia production in emerging markets facilitated by the TSFE as a testament to its support for Egypt to achieving innovative and sustainable energy solutions.
Representatives from seven governmental entities and global developers were present during the signing ceremony.
